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Government at the heart of the crisis

By Implode-Explode Heavy Industries

"I'M FINDING the exchange on the financial crisis illuminating in a number of ways, but especially as it lays bare the ideological assumptions and motivations we each bring to these questions. In his latest assay, my esteemed colleague seeks to absolve government from any significant responsibility for the meltdown. (We seem to have moved beyond the question of inequality, which is fine by me.) Having concluded that "the CRA was largely irrelevant" and that "Fanny and Freddie were also-rans", he finds it "hard to understand how one could put government at the heart of the crisis." Let me try to help."

Full post as published by Mortgage Lender Implode-o-Meter on August 29, 2010 (boomark / email).